Newbie buying a C5
 

I am a newbie in the corvette world. Can anyone tell me what to look for in buying a C5? Currently I am looking at a 2001 Red Corvette Convertible with 56k. This car is stock no extras. About what should I pay for this car? And what questions should I ask??

There's no way to value the car without seeing it so we cant tell you what you should pay. What questions to ask will differ depending on if it is a dealership or owner selling it. Standard questions always apply and have no bearing on it being a Vette. Do they have the maintenance records? If so, inspect them. Has it ever been in an accident? etc.

Take the car by a car wash and spray it to see if the top leaks.

You should browse autotrader and select 01-02 C5 convertibles having the same transmission the one you are interested in has. This will give you somewhat of an idea as to what people are paying. My guess for a 6-speed would be 18-22K. All depends upon the condition and maintenance history. Some things to look for include:

Has the EBCM been replaced or repaired?

Has the outside temp display circuitry been resoldered. (If the display is bright, it probably has been)

Are there any oil leaks under the car? If so, they could be the rear differential gasket and/or engine seal leaks. The dealership will charge $1700 for fixing both.

Have the headlight motor gears been replaced? If not, those will need to be done, soon. I did mine, myself. The kits are approx. $80 or so.

Has the dealership removed the column locking mechanism or has the owner installed a column lock bypass? If not, get ready to do so, yourself. Kit cost is $50-$100.

Check all codes, including history codes.
http://www.stengel.net/diccodes.htm

If there are any, find out what the cost is to fix. Of course, if there are any warning lights showing on the dash, there are definitely codes that were activated.

Lastly, make sure the fluids have been replaced according to the owners manual or sooner.

Good luck!

Thanks Dave, that is huge help. I know the owner of this car and I know he takes care of the car as well. but, it's always nice to know what to ask. This car has an automatic transmission so I'm guessing about 20k. As you can see, I have not talked price with him as I am not totally ready to buy yet. I will get to that when I have saved up enough for a hefty down payment. I hate car payments. Take care and THANK YOU again.

You're very welcome.

Dave

Don't know where you're located but I'm in California and have just decided to sell my 2002 Bright-Red Corvette Coupe with 29.5K miles. yeah, I know, it sits in my garage more than on the road. All stock except for Cobra exhaust, K-N Filter and new Chrome rims and tires. Wife and I used it mainly for trips along the coast on weekends. I've decided to sell for $20K. Just don't drive it that much anymore and want my garage
back. Just to give ya some ideas.

Do you have a link to the vehicle listing?

I ended up buying a 2000 black vert. I love it. Thanks for your help.